Published on April 6, 2015

The government of India has introduced a new foreign trade policy for textile industry for this financial year. The policy was disclosed on 1st April 2015. The major emphasis of this policy is to focus on improving the ‘ease of doing business’. This policy will improve the exports of goods and services as well as improve the employment opportunities.

The government has introduced a new scheme called “Merchandise Exports from India Scheme (MEIS)”. This scheme will help in boosting the exports for textile sector. The current scheme will replace the five different schemes introduced earlier.

Indian government is emphasizing on building of textile parks across the country. Mega textile cluster is likely to be set up in Mysore. This will not only provide employment opportunities to its locals but will also rejuvenate the silk of Mysore. Many such plans and investments are being carried out in other states as well. Government is focusing on establishment of textile hubs which will offer spinning, weaving, designing and processing units in order to cut down cost and time. This will encourage the local business and will also rejuvwenate the cultural values and ethics associated with this business.